CITIC Securities: System-level computing power is expected to become the next stop in the development of AI
CITIC Securities pointed out that the current demand for training and reasoning of large AI models continues to grow vigorously, and the scaling law continues to evolve in the direction of post-training and online reasoning. The underlying infrastructure is developing in the direction of larger clusters. The computing power of a single chip is expected to slow down in the future iteration speed under the influence of advanced processes, and system-level nodes are expected to become an important direction for the development of AI computing power by solving problems such as interconnection, network, and memory wall. Judging from the recent development trend of system-level products of leading computing power companies and the past M&A history of the semiconductor industry, system-level computing power is expected to become the next stop in the development of AI, and domestic GPU chip companies are expected to catch up with and surpass overseas products by building a computing power infrastructure with higher resource density. It is recommended to pay attention to: 1) The shipment of system-level products such as NVIDIA NVL72; 2) The progress of domestic system-level products represented by Huawei CloudMatrix384 super node. It is recommended to pay attention to related companies in the domestic industry chain.